Sunday, February 19, 2006
HOW TO GET YOUR OFFER ACCEPTED IN A COMPETITIVE BIDDING SITUATION:
Always make your best offer first – Give the seller something to “lose sleep over” in the event they turn it down. It may seem counter-intuitive but this truly is the best strategy. Give your full deposit UP FRONT with the initial offer – It costs no more and looks serious, setting your offer above those of other buyers. Make sure you have a strong pre-approval letter, or even better, an actual mortgage commitment. In fact, if you KNOW you can get a mortgage, you should consider eliminating the mortgage contingency clause completely and making it a “cash” offer. Find out what settlement date the seller needs and meet that date. All of these things can help you get the property for the best price possible yet still beat out other buyers.